Crown corporations and other entities

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This section provides all related information on consolidated Crown corporations and other entities. Consolidated entities rely on government funding as their principal source of revenue and are controlled by the government.

Consolidation involves the combination of the accounts of these corporations and other entities on a line-by-line and uniform basis of accounting and the elimination of inter-organizational balances and transactions. Consequently, the corporations and other entities' accounts must be adjusted to the government's basis of accounting. All corporations and other entities follow either Canadian Public Sector Accounting Standards or International Financial Reporting Standards. The financial information reported by all of the consolidated Crown corporations and other entities in the following summary tables has been prepared and reported based upon Canadian Public Sector Accounting Standards.

Consolidated Crown corporations are also categorized as being either agents or non-agents of the Crown. Agency status may be expressly stated in the incorporating legislation or conferred under the provisions of the Government Corporations Operation Act.

Summary financial statements of consolidated Crown corporations and other entities

These tables present financial information on consolidated parent Crown corporations and other entities, as well as financial information on wholly-owned subsidiaries that are considered "deemed parent Crown corporations" and thus consolidated directly in the consolidated financial statements of the government and excluded from the consolidated financial statements of their parent Crown corporations. The annual Inventory of Federal Organizations and Interests includes a complete list of federal organizations and interests.

For those corporations and other entities having year ends other than March 31, the data are based on unaudited interim financial statements which have been prepared on a basis consistent with the most recent audited financial statements.

Table 4.1 and Table 4.2 present summarized financial information of the consolidated Crown corporations and other entities. Balances reported under government, Crown corporations and other entities represent those between related parties. Of note, borrowings from third parties represent long-term debts payable of the corporations and other entities. Revenues are broken down to identify revenues arising from normal operations and financial assistance from the government in respect of the current year's operations. Equity adjustments include prior period adjustments and other miscellaneous items recorded by the corporations and other entities. Remeasurement gains and losses comprise certain unrealized gains and losses on financial instruments excluded from the annual surplus (deficit). Upon realization, these gains and losses are included in the annual surplus (deficit). Equity transactions with the government include dividends declared or transfers of profits to the government, as well as capital transactions with the government. The line "Conversion to the government accounting basis for consolidation purposes" represents the adjustments required to bring the corporations and other entities' accounting policies in line with those of the government.

Table 4.1
Financial position of consolidated Crown corporations and other entities
Assets, liabilities and equity as at March 31, 2025
(in thousands of dollars)Links to footnote * in Table 4.1

Consolidated Crown corporations and other entities Assets Liabilities Accumulated profits (losses) Contributed surplus Capital stock Equity of Canada Total liabilities and equity
Financial Non-financial Total assets Third parties Government, Crown corporations and other entities Total liabilities
Third parties Government, Crown corporations and other entities Borrowings Other
Crown corporationsLinks to footnote 1 in Table 4.1
Atomic Energy of Canada Limited 407,946 280,946 1,238,783 1,927,675 – 10,795,702 1,898 10,797,600 (negative 9,334,637) 449,712 15,000 (negative 8,869,925) 1,927,675
Canada Council for the Arts 636,103 598 27,227 663,928 – 173,842 1,990 175,832 488,096 – – 488,096 663,928
Canada Development Investment Corporation
Canada Enterprise Emergency Funding CorporationLinks to footnote 2 in Table 4.1 2,231,303 – – 2,231,303 – 263 286 549 2,230,754 – – 2,230,754 2,231,303
Canada Infrastructure Bank 5,561,402 10,199,415 3,460 15,764,277 – 23,380 764 24,144 15,740,133 – – 15,740,133 15,764,277
Canadian Air Transport Security Authority 227,225 71,913 422,412 721,550 – 217,450 1,055 218,505 503,045 – – 503,045 721,550
Canadian Broadcasting Corporation 2,052,820 197,250 1,255,941 3,506,011 118,209 742,729 20,507 881,445 2,624,566 – – 2,624,566 3,506,011
Canadian Commercial Corporation 632,272 36,600 8,033 676,905 – 89,484 512,100 601,584 65,321 10,000 – 75,321 676,905
Canadian Dairy Commission 22,075 – 161,968 184,043 11,310 60,017 112,634 183,961 82 – – 82 184,043
Canadian Museum for Human Rights 32,577 102 220,867 253,546 – 121,880 117,326 239,206 14,340 – – 14,340 253,546
Canadian Museum of History 104,055 18,134 180,293 302,482 – 44,799 187,601 232,400 70,082 – – 70,082 302,482
Canadian Museum of Immigration at Pier 21 21,734 216 4,696 26,646 – 10,818 4,181 14,999 11,647 – – 11,647 26,646
Canadian Museum of Nature 49,377 558 137,692 187,627 – 30,162 130,494 160,656 26,971 – – 26,971 187,627
Canadian Race Relations Foundation 35,254 37 454 35,745 – 298 4,469 4,767 30,978 – – 30,978 35,745
Canadian Tourism Commission 38,928 1,004 5,068 45,000 – 13,791 9,666 23,457 21,543 – – 21,543 45,000
Defence Construction (1951) Limited 98,461 21,451 4,129 124,041 – 64,790 3,013 67,803 56,238 – – 56,238 124,041
International Development Research Centre 84,309 3,162 9,981 97,452 – 74,058 19,173 93,231 4,221 – – 4,221 97,452
Marine Atlantic Inc. 214,680 16,325 383,932 614,937 – 152,592 – 152,592 462,345 – – 462,345 614,937
National Arts Centre Corporation 60,978 339 184,845 246,162 – 20,758 182,187 202,945 43,217 – – 43,217 246,162
National Capital Commission 214,481 7,359 1,047,783 1,269,623 – 176,626 24,974 201,600 1,068,023 – – 1,068,023 1,269,623
National Gallery of Canada 33,131 681 59,609 93,421 – 7,681 76,915 84,596 8,825 – – 8,825 93,421
National Museum of Science and Technology 26,486 606 231,751 258,843 – 6,717 233,925 240,642 18,201 – – 18,201 258,843
Standards Council of Canada 15,409 1,553 3,714 20,676 – 4,385 47 4,432 16,244 – – 16,244 20,676
Telefilm Canada 4,763 86,361 7,299 98,423 – 52,691 156 52,847 45,576 – – 45,576 98,423
The Federal Bridge Corporation Limited 32,712 3,233 342,691 378,636 28,933 13,809 – 42,742 335,894 – – 335,894 378,636
The Jacques Cartier and Champlain Bridges Inc. 36,739 13,659 677,614 728,012 – 165,563 – 165,563 562,449 – – 562,449 728,012
VIA Rail Canada Inc. 610,877 134,843 2,425,514 3,171,234 – 441,428 2,290,953 2,732,381 429,553 – 9,300 438,853 3,171,234
VIA HFR – VIA TGF Inc.Links to footnote 3 in Table 4.1 5,786 6,575 1,455 13,816 – 10,899 1,765 12,664 1,152 – – 1,152 13,816
Windsor-Detroit Bridge Authority 163,691 922 4,715,696 4,880,309 – 809,170 – 809,170 4,071,139 – – 4,071,139 4,880,309
Total—Crown corporations 13,655,574 11,103,842 13,762,907 38,522,323 158,452 14,325,782 3,938,079 18,422,313 19,615,998 459,712 24,300 20,100,010 38,522,323
Conversion to the government accounting basis for consolidation purposes (negative 5,358) (negative 10,199,415) (negative 86,007) (negative 10,290,780) – (negative 2,171) (negative 1,398,922) (negative 1,401,093) (negative 8,405,675) (negative 459,712) (negative 24,300) (negative 8,889,687) (negative 10,290,780)
Net Crown corporations on the government accounting basis 13,650,216 904,427 13,676,900 28,231,543 158,452 14,323,611 2,539,157 17,021,220 11,210,323 – – 11,210,323 28,231,543
Other entitiesLinks to footnote 4 in Table 4.1
Canada Foundation for Innovation 69,057 300 1,631 70,988 – 1,374 69,614 70,988 – – – – 70,988
Canada Foundation for Sustainable Development TechnologyLinks to footnote 5 in Table 4.1 – – – – – – – – – – – – –
First Nations Market Housing Fund 358,035 42,536 297 400,868 – 97,234 303,634 400,868 – – – – 400,868
St. Lawrence Seaway Management Corporation 284,781 15,191 15,339 315,311 – 115,095 8,355 123,450 191,861 – – 191,861 315,311
Capital Fund Trust 21,731 – – 21,731 – 7 21,724 21,731 – – – – 21,731
Employee Termination Benefits Trust Fund 201 7 – 208 – 8 200 208 – – – – 208
Total—Other entities 733,805 58,034 17,267 809,106 – 213,718 403,527 617,245 191,861 – – 191,861 809,106
Conversion to the government accounting basis for consolidation purposes – – – – – – (negative 394,964) (negative 394,964) 394,964 – – 394,964 –
Net other entities on the government accounting basis 733,805 58,034 17,267 809,106 – 213,718 8,563 222,281 586,825 – – 586,825 809,106
Total 14,384,021 962,461 13,694,167 29,040,649 158,452 14,537,329 2,547,720 17,243,501 11,797,148 – – 11,797,148 29,040,649

Table 4.1 notes

Table note *

The dash means that the amount is 0 or is rounded to 0.

Return to table note * referrer in Table 4.1

Table note 1

All Crown corporations listed at the margin in this table are parent Crown corporations.

Return to table note 1 referrer in Table 4.1

Table note 2

Canada Enterprise Emergency Funding Corporation (CEEFC) is a federal Crown corporation, incorporated in May 2020 and is wholly owned by Canada Development Investment Corporation (CDEV), a parent Crown corporation. CEEFC is responsible for administering the Large Employer Emergency Funding Facility (LEEFF).

Return to table note 2 referrer in Table 4.1

Table note 3

VIA HFR - VIA TGF Inc. (VIA High Frequency Rail) is a federal Crown corporation, incorporated in November 2022 and is wholly owned by VIA Rail Canada Inc.

Return to table note 3 referrer in Table 4.1

Table note 4

These entities, which are not Crown corporations or agents of the Crown, are considered other consolidated entities.

Return to table note 4 referrer in Table 4.1

Table note 5

Canada Foundation for Sustainable Development Technology was dissolved effective March 31, 2025, and transferred to National Research Council Canada.

Return to table note 5 referrer in Table 4.1

Table 4.2
Revenues, expenses and other changes in equity of consolidated Crown corporations and other entities for the year ended March 31, 2025
(in thousands of dollars)Links to footnote * in Table 4.2

Consolidated Crown corporations and other entities Revenues Expenses Net income (loss) Equity beginning of year Equity adjustments and other Remeasurement gains (losses) Equity transactions with the Government Equity end of year
Third parties Government, Crown corporations and other entities Total Third parties Government, Crown corporations and other entities Total Dividends Capital
Financial assistance Other
Crown corporations
Atomic Energy of Canada Limited 166,088 1,433,600 5,351 1,605,039 2,060,276 7,135 2,067,411 (negative 462,372) (negative 8,418,154) – 10,601 – – (negative 8,869,925)
Canada Council for the Arts 35,403 364,283 1,155 400,841 369,937 957 370,894 29,947 439,766 – 18,383 – – 488,096
Canada Development Investment Corporation
Canada Enterprise Emergency Funding Corporation 150,684 – – 150,684 486,413 543,904 1,030,317 (negative 879,633) 3,052,015 – 58,372 – – 2,230,754
Canada Infrastructure Bank 131,073 2,983,664 – 3,114,737 293,075 – 293,075 2,821,662 12,918,471 – – – – 15,740,133
Canadian Air Transport Security Authority 3,459 1,078,666 53 1,082,178 1,054,714 1,011 1,055,725 26,453 476,592 – – – – 503,045
Canadian Broadcasting Corporation 584,486 1,425,237 4,182 2,013,905 2,066,277 12,836 2,079,113 (negative 65,208) 2,689,774 – – – – 2,624,566
Canadian Commercial Corporation 41,715 13,792 3,681 59,188 30,146 4,961 35,107 24,081 61,240 – – (negative 10,000) – 75,321
Canadian Dairy Commission 205,522 5,155 1,519 212,196 207,829 4,315 212,144 52 (negative 17) (negative 52) 99 – – 82
Canadian Museum for Human Rights 10,184 34,613 – 44,797 39,003 5,634 44,637 160 14,180 – – – – 14,340
Canadian Museum of History 20,654 96,579 1,189 118,422 103,131 14,332 117,463 959 68,475 – 648 – – 70,082
Canadian Museum of Immigration at Pier 21 4,107 10,877 84 15,068 10,472 2,736 13,208 1,860 9,479 (negative 294) 602 – – 11,647
Canadian Museum of Nature 13,603 42,509 1,033 57,145 46,769 3,754 50,523 6,622 19,947 – 402 – – 26,971
Canadian Race Relations Foundation 1,754 9,907 20 11,681 37 10,591 10,628 1,053 28,237 141 1,547 – – 30,978
Canadian Tourism Commission 13,892 121,802 133 135,827 122,458 3,354 125,812 10,015 11,520 1 7 – – 21,543
Defence Construction (1951) Limited 3,009 – 201,345 204,354 192,190 839 193,029 11,325 44,496 – 417 – – 56,238
International Development Research Centre 115,346 161,470 9,823 286,639 297,432 3,631 301,063 (negative 14,424) 18,645 – – – – 4,221
Marine Atlantic Inc. 125,154 194,110 – 319,264 294,483 – 294,483 24,781 438,308 – (negative 744) – – 462,345
National Arts Centre Corporation 42,391 80,876 3,610 126,877 114,151 1,228 115,379 11,498 31,719 – – – – 43,217
National Capital Commission 54,024 164,310 10,504 228,838 159,945 14,888 174,833 54,005 1,014,018 – – – – 1,068,023
National Gallery of Canada 24,804 55,952 237 80,993 74,255 9,349 83,604 (negative 2,611) 11,436 – – – – 8,825
National Museum of Science and Technology 12,875 49,074 1,517 63,466 58,518 5,754 64,272 (negative 806) 19,007 – – – – 18,201
Standards Council of Canada 13,519 25,591 2,386 41,496 35,106 597 35,703 5,793 10,451 – – – – 16,244
Telefilm Canada 20,886 158,302 111 179,299 175,580 2,946 178,526 773 44,803 – – – – 45,576
The Federal Bridge Corporation Limited 52,328 17,953 – 70,281 51,325 – 51,325 18,956 317,187 (negative 249) – – – 335,894
The Jacques Cartier and Champlain Bridges Inc. 2,952 189,604 1,189 193,745 171,395 – 171,395 22,350 540,099 – – – – 562,449
VIA Rail Canada Inc. 484,273 514,487 1,144 999,904 951,140 15,366 966,506 33,398 405,455 – – – – 438,853
VIA HFR – VIA TGF Inc. 413 70,284 – 70,697 72,050 4,930 76,980 (negative 6,283) 7,435 – – – – 1,152
Windsor-Detroit Bridge Authority 20,025 1,164,757 – 1,184,782 174,886 – 174,886 1,009,896 3,056,123 – 5,120 – – 4,071,139
Total—Crown corporations 2,354,623 10,467,454 250,266 13,072,343 9,712,993 675,048 10,388,041 2,684,302 17,330,707 (negative 453) 95,454 (negative 10,000) – 20,100,010
Conversion to the government accounting basis for consolidation purposes 796,730 (negative 558,481) – 238,249 (negative 6,321) (negative 433,537) (negative 439,858) 678,107 (negative 9,574,391) 3,040 (negative 6,443) 10,000 – (negative 8,889,687)
Total on the government accounting basis 3,151,353 9,908,973 250,266 13,310,592 9,706,672 241,511 9,948,183 3,362,409 7,756,316 2,587 89,011 – – 11,210,323
Consolidation adjustments 891 (negative 9,908,973) (negative 250,266) (negative 10,158,348) 6,811 (negative 241,511) (negative 234,700) (negative 9,923,648) – 9,923,648 – – – –
Net amount—Crown corporations 3,152,244 – – 3,152,244 9,713,483 – 9,713,483 (negative 6,561,239) 7,756,316 9,926,235 89,011 – – 11,210,323
Other entities
Canada Foundation for Innovation 6,689 560,150 21 566,860 566,557 303 566,860 – – – – – – –
Canada Foundation for Sustainable Development Technology 493 87,536 – 88,029 88,029 – 88,029 – – – – – – –
First Nations Market Housing Fund 13,425 – 1,207 14,632 13,425 1,207 14,632 – – – – – – –
St. Lawrence Seaway Management Corporation 98,944 1,654 73,758 174,356 113,345 – 113,345 61,011 130,850 – – – – 191,861
Capital Fund Trust 852 74,239 – 75,091 14 75,077 75,091 – – – – – – –
Employee Termination Benefits Trust Fund 10 – – 10 16 (negative 6) 10 – – – – – – –
Total—Other entities 120,413 723,579 74,986 918,978 781,386 76,581 857,967 61,011 130,850 – – – – 191,861
Conversion to the government accounting basis for consolidation purposes (negative 28,138) 3,328 – (negative 24,810) (negative 902) (negative 10,722) (negative 11,624) (negative 13,186) 410,385 (negative 2,235) – – – 394,964
Total on the government accounting basis 92,275 726,907 74,986 894,168 780,484 65,859 846,343 47,825 541,235 (negative 2,235) – – – 586,825
Consolidation adjustments 633 (negative 726,907) (negative 74,986) (negative 801,260) 633 (negative 65,859) (negative 65,226) (negative 736,034) – 736,034 – – – –
Net amount—Other entities 92,908 – – 92,908 781,117 – 781,117 (negative 688,209) 541,235 733,799 – – – 586,825
Total 3,245,152 – – 3,245,152 10,494,600 – 10,494,600 (negative 7,249,448) 8,297,551 10,660,034 89,011 – – 11,797,148

Table 4.2 notes

General notes:

  • The accompanying notes to Table 4.1 are an integral part of this table.
Table note *

The dash means that the amount is 0 or is rounded to 0.

Return to table note * referrer in Table 4.2

Borrowings by consolidated agent Crown corporations

Table 4.3
Borrowings by consolidated agent Crown corporations
(in thousands of dollars)Links to footnote * in Table 4.3

  April 1, 2024 Borrowings and other credits Repayments and other charges March 31, 2025
Canadian Broadcasting Corporation 140,381 22,679 44,851 118,209
Canadian Dairy Commission 11,088 138,029 137,807 11,310
The Federal Bridge Corporation Limited 36,524 – 7,591 28,933
Total 187,993 160,708 190,249 158,452

Table 4.3 notes

Table note *

The dash means that the amount is 0 or is rounded to 0.

Return to table note * referrer in Table 4.3

This information is published to satisfy section 49 of the Financial Administration Act (FAA) which requires that an annual statement be included in the Public Accounts of Canada. The borrowings are from lenders other than the government. In accordance with section 54 of the FAA, the payment of all money borrowed by agent Crown corporations and interest thereon is a charge on and payable out of the Consolidated Revenue Fund.

Contingent liabilities of consolidated Crown corporations and other entities

Contingent liabilities of consolidated Crown corporations are included in the Government of Canada's financial statements as follows, refer to section 2 for further details.

Table 4.4
Contingent liabilities of consolidated Crown corporations and other entities
(in thousands of dollars)

  2025
Provision accrued
Pending and threatened litigation and other claims 26,778
Loan guarantees 103
Total—Provision accrued 26,881
Disclosure only
Pending and threatened litigation and other claims 9,168

Financial assistance under budgetary appropriations to consolidated Crown corporations

Table 4.5 presents charges to appropriations or authorities approved by Parliament. It should be read in conjunction with Table 4.2. Differences in figures reported in Table 4.2 and those reported in Table 4.5 result from the use of different accounting policies and from items in transit.

Table 4.5
Financial assistance under budgetary appropriations to consolidated Crown corporations for the year ended March 31, 2025
(in thousands of dollars)Links to footnote * in Table 4.5

  Program expenditures vote Operating expenditures vote Capital expenditures vote Financial assistance under budgetary appropriationsLinks to footnote 1 in Table 4.5
Agent Crown corporations
Atomic Energy of Canada Limited 1,433,600 – – 1,433,600
Canadian Air Transport Security Authority 1,079,165 – – 1,079,165
Canadian Broadcasting Corporation – 1,309,339 115,898 1,425,237
Canadian Commercial Corporation 13,792 – – 13,792
Canadian Dairy Commission 5,150 – – 5,150
Canadian Museum for Human Rights 28,590 – – 28,590
Canadian Museum of History 83,227 – – 83,227
Canadian Museum of Immigration at Pier 21 10,024 – – 10,024
Canadian Museum of Nature 36,378 – – 36,378
Canadian Race Relations Foundation 12,092 – – 12,092
Canadian Tourism Commission 115,968 – – 115,968
National Capital Commission – 90,355 60,465 150,820
National Gallery of Canada – 42,020 8,000 50,020
National Museum of Science and Technology 38,441 – – 38,441
Telefilm Canada 158,302 – – 158,302
The Federal Bridge Corporation Limited 17,864 – – 17,864
The Jacques Cartier and Champlain Bridges Inc. 189,642 – – 189,642
Total—Agent Crown corporations 3,222,235 1,441,715 184,363 4,848,313
Non-agent Crown corporations
Canada Council for the Arts 364,283 – – 364,283
Canada Infrastructure Bank 2,363,429 – – 2,363,429
International Development Research Centre 160,270 – – 160,270
Marine Atlantic Inc. 194,974 – – 194,974
National Arts Centre Corporation 59,525 – – 59,525
Standards Council of Canada 25,591 – – 25,591
VIA Rail Canada Inc. 878,574 – – 878,574
VIA HFR – VIA TGF Inc. 69,825 – – 69,825
Windsor-Detroit Bridge Authority 944,189 – – 944,189
Total—Non-agent Crown corporations 5,060,660 – – 5,060,660
Total 8,282,895 1,441,715 184,363 9,908,973

Table 4.5 notes

Table note *

The dash means that the amount is 0 or is rounded to 0.

Return to table note * referrer in Table 4.5

Table note 1

Excludes grants and contributions paid to consolidated Crown corporations where they qualify as members of a general class of recipients.

Return to table note 1 referrer in Table 4.5

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